Economics & Education (Nov 2021)
IMPROVEMENT OF THE FINANCIAL FIRMNESS MANAGEMENT SYSTEM OF INDUSTRIAL ENTERPRISES
Abstract
The purpose of the article is to determine the most effective approaches, directions and methods aimed at enhancing and improvement of the financial firmness management system of industrial enterprises, taking into account all significant factors of influence on the business in order to implement the set strategic development objectives in the aspect of all levels of management. The subject of the study are the theoretical, methodological and practical foundations for determining the directions of improvement of the financial firmness management system of industrial enterprises. The research substantiates the directions of improvement of components of the management system of financial firmness of enterprise under conditions of strengthening of competitive business environment of functioning. Attention is focused on the need to improve the subsystem for assessing the financial stability of the enterprise. Methodology. Theoretical and methodological basis for writing the article were the achievements of economic theory, scientific works of domestic scientists, economists on financial firmness management, ensuring financial stability, improving the current and strategic management. The following methods were used in the work: dialectical knowledge, scientific abstraction (to identify the financial firmness management system of industrial enterprises and their components), methods of system analysis and methods of generalization (to identify directions and approaches to improve financial firmness management), methods of prediction and analogy (to systematize and determine the impact of internal and external factors on the level of financial security of the enterprise). Results. In order to improve the financial firmness management system of an industrial enterprise and to ensure future financial stability with the possibility of investment and innovation development, it is important for responsible managers to constantly monitor all internal and external factors that have the most important impact on the financial condition. Managerial staff should provide the proper relationship between the functional components of the financial firmness management system of the industrial enterprise with the formation of an information support base, which will help to improve the effectiveness of management decisions made by responsible managers. A crucial role in improving the enterprise management system, in particular, and in the management of financial firmness, in addition to monitoring, organization, analysis, control, motivation, and incentives, plays such a functional component as an assessment of all financial processes.
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